This Country Went Bankrupt From a Stupid Concert and Other Really Bad Ideas
If it wasn’t for monumentally stupid decisions, Nauru would still be the world’s richest country
In 1982, Nauru’s annual GDP exceeded $27,000 per person. That’s 87% higher than the USA. But 35 years later, they were the second poorest country in the world.
What happened?
In 1896, a cargo officer found an interesting rock on the coast of Nauru and took it home. Three years later, a minerals expert happened to see the rock — which at that time was being used as a doorstop — and immediately recognized it as the highest quality phosphate ore he had ever seen. Tests revealed Nauru’s surface was covered in this precious mineral, just waiting to be collected.
Over the millennia, migrating birds had routinely taken bathroom breaks on this secluded island. As shifting tides repeatedly submerged the island, the poop calcified, making the land rich with materials commonly used in fertilizers and explosives.
When the Nauruans realized they were sitting on a goldmine, the economy exploded. With billions of dollars to split between just 4,300 residents, the Nauruans became filthy rich.
